Joe Biden got himself into a pickle. On the campaign trail, his handlers had him toss tantalizing tidbits of fairytale promises to his liberal base of voters who swallowed every sugar-coated spoonful of it. They’re still waiting on those false promises to reach fruition because Biden forgot one very important step of the process. All of this free stuff he was spouting about has to be paid for. Oops…
So as to save face with his loyal subjects, Biden decided that rich people should pay to support the needs and desires of not-so-rich people. This way all of the things he promised could still be free. The idea didn’t sit so well with the wealthy who’d get stuck with the bill.
Republican politicians also raised up a red flag at the “Robin Hood-ish” idea of stealing from the rich to pay some people who won’t even get a job. Biden had falsely assumed that raising taxes on the rich would be unanimously accepted by both parties. But it hasn’t been.
Because Biden’s originally proposed plan has met such a brick wall of resistance, he’s going for a compromise. Instead of fighting the losing battle of increasing the wealthy’s personal income tax, he’ll place a special tax on their existing assets. The stuff they’ve already bought and paid for.
This only shows how desperate Biden is to figure out how to pay the childcare costs for every working couple or single parent in America. Then there’s that darn universal prekindergarten he talked about. Throw free family leave, environmental initiatives, and child tax credits on the heap, and Biden better get a second job.
So here’s how the Democrats would like their newly proposed plan to work.
Billionaires make the better part of their money off of the money they already have. They invest it. They slap into the stock market or buy and sell expensive properties to keep their cash moving. Art and rare antiques are another bell ringer. One particular billionaire even owns a fully intact triceratops skeleton that can’t be valued. Well, after a billion or so years, Dino’s gonna have to start coughing up some cash.
The tax would only apply to anyone who’s claimed ownership of at least $1 billion in assets which would be no one reading this article nor the person writing it. So at least there’s always that…
It would also apply to up-and-coming billionaires who claim at least $100 million in income for three years running. Once they reach this point everything of significant value they’ve ever worked for will be like a gift that keeps on giving to the government, year, after year, after year.
Here’s the stun gun. Only 700 U.S. taxpayers meet the criteria for the additional tax, and they would be left to foot the entire bill for Biden’s crazy promises. Now, do you see why they’re so pissed? It’s not always easy to side with the exorbitantly wealthy, but in this case, they have every right to be fuming.
As they say, it ain’t over till it’s over and this battle’s still being fought. Meanwhile, Biden’s once adoring fanbase is impatiently biding their time until 2024 when they can vote is lame do nothing ass out of D.C. They were bamboozled by the best bamboozler in the biz.